Uber is at the bottom of a channel its been in for a year and a half. Could be a beautiful trade to the top of the channel. This is a relatively long swing compared to my usual taste so we'll see what happens.
Don't make any trade at all until you have done your own analysis. I am a stranger on the internet and it probably isn't smart to copy random people on the internet. With that being said, If you agree with the idea give me a little like, and maybe a follow. I usually only trade forex and futures, but am going to start getting back into stocks mainly because this correction made everything much cheaper. Most of my stock plays will be swings as opposed to day trades or long term trading.
So anyway, I hope everybody has a happy last friday of the month. Hopefully, February is much brighter, but for now, Have a great weekend and be safe.
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Out for now, 37.50 is a nice resistance, and the market is just slowgrinding today. Will probably jump in at around 35.25, but we will see. If it breaks 38 I will jump back in as well.
@YouKnowTheVibes I have the same analysis as you I am long on the stock. Are you going to liquidate part of your position at your first target or are you waiting to see how the stock performs?
abmrk
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@YouKnowTheVibes or are you going to open a second position at $38.70? If so, why two levels of purchase, to secure your capital?
YouKnowTheVibes
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@abmrk, I bought 4. I'll sell two at the first target to make the other 2 contracts "free" incase the trades turns against me i've locked in some gains or at least broke even.
Wickalodeon-GhostProductions
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@abmrk, That is exactly what I am going to do. I am going to sell 2/3 of my position at that time.
YouKnowTheVibes
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bought $34 strike for Feb 25th after it bounced on support of $32.92. Clear support and it also happens to be the exact .618 fib level from the covid crash to ATH. Good TA!
Wickalodeon-GhostProductions
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@YouKnowTheVibes, Thats fantastic. Thank you for adding. Good job!